Week 3 quiz

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School

Liberty University *

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Course

650

Subject

Management

Date

Feb 20, 2024

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pdf

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Uploaded by MinisterParrot1920

1/30/24, 3:06 PM Quizzes - MGMT 650 9046 Statistics for Managerial Decision Making (2242) - UMGC Learning Management System Question 1 8 / 8 points A survey of students at a college found the following majors: Accounting - 22 Finance - 13 Economic - 14 Management - 14 What is the probability that a random student selected is a Finance major? State your answers using two decimal digits. Answer: 0.21 v W Hide question 1 feedback Divide the number of finance majors by the total number of students Question 2 8 / 8 points A survey of students at a college found the following majors: Accounting - 18 Finance - 12 Economic - 11 Management - 15 There were no dual majors. The majors are mutually exclusive. What is the probability that a random student selected is a Finance or Economics major? State your answers using two decimal digits. Answer: 0.41 v W Hide question 2 feedback Add the number of finance and economics majors and divide by the total number of students https://learn.umgc.edu/d2l/Ims/quizzing/user/attempt/quiz_start_frame_auto.d2|?o0u=930725&isprv=&qi=2119152&cfql=0&dnb=0&fromQB=0&inProgre... 1/5

1/30/24, 3:06 PM Quizzes - MGMT 650 9046 Statistics for Managerial Decision Making (2242) - UMGC Learning Management System Question 3 8 / 8 points Events A and B are mutually exclusive. Suppose P(A)=0.30 and P(B)=0.18. What is the probability of either A or B occurring? Use two decimal digits. Answer: 0.48 v/ W Hide question 3 feedback P(A or B) = P(A) + P(B). The Simple Addition Rule Question 4 8 / 8 points Events A and B are mutually exclusive. Suppose P(A)=0.30 and P(B)=0.15. What is the probability that neither A nor B will occur? Use two decimal digits. Answer: 0.55 v/ W Hide question 4 feedback P(not(AorB))=1-P(AorB)=1-(P(A) + P(B)) =1 - P(A) - P(B). This is the Complement rule. Question 5 0 / 8 points You flip a coin 6 times. What is the probability that all 6 flips are Heads? Use 4 decimal digits. Answer: 0.75 % (0.0156) W¥ Hide question 5 feedback P(H)Anumber of flips = 0.5Anumber of flips Question 6 0 / 8 points 40% of the cars in a dealer lot are red, 20% are black, and 14% are white. The remainder are some other colors. https://learn.umgc.edu/d2l/Ims/quizzing/user/attempt/quiz_start_frame_auto.d2|?o0u=930725&isprv=&qi=2119152&cfql=0&dnb=0&fromQB=0&inProgre... 2/5

1/30/24, 3:06 PM Quizzes - MGMT 650 9046 Statistics for Managerial Decision Making (2242) - UMGC Learning Management System A salesperson randomly shows three cars to three different customers. A car may be shown more than once because cars are selected randomly (The salesperson is new). What is the probability the first car shown was red, the second was black, and the third was red again? To be more clear, the first red car and the second red car (third car shown) may be the same car. This is called sampling with replacement. Use 4 decimal digits. Answer: 0.7333 ® (0.0320) Ww Hide question 6 feedback In sampling with replacement, the proportions or probabilities of red, black, white, and "other" cars remain constant from sample to sample. When the probabilities of a sequence of events remain constant from trial to trial, the events are independent. In a Sequence of Trials of independent events, the Simple Multiplication Rule applies. For a sequence of three trials, R=Red, B=Black, P(RBR) = P(R) x P(B) x P(R). For a more physical and intuitive example, let's do P(white, red, and black) assuming there are 100 cars in the lot consisting of 40 red, 30 black, 20 white, and 10 other. e The first car is randomly selected. There are 20 ways in 100 that the first car is white. After showing, it remains in the lot such that there are 40 red, 30 black, 20 white, and 10 other. The number of cars of each color has not changed. The proportions or probabilities of events red, black, white, and other are unchanged. e The second car is randomly selected. There are 40 ways in 100 that the second car is red. For each of the 20 ways in 100 that the first car is white, there are 40 ways in 100 that the second car is red. How many ways can the first and second color occur? It's 20 x 40 out of 100 x 100 ways. After showing the second car, it remains in the lot such that there are still 40 red, 30 black, 20 white, and 10 other. The proportions or probabilities of events red, black, white, and other are unchanged. e Extending to the 3rd car shown, there are 20 x 40 x 30 out of 100 x 100 x 100 ways white, red, and black can occur. This is equivalent to = 0.20 x 0.40 x 0.30, which is the Simple Multiplication Rule. Question 7 0 / 8 points For a dial-combination lock, how many different codes can be set with 4 dials and 9 numbers on each dial? This is equivalent to sampling 4 times with replacement from 9 things (numbers) because numbers can repeat. Answer: 262,144 X (6,561) W Hide question 7 feedback How many different code sequences of X numbers can be made from a lock with Y numbers? —YAX https://learn.umgc.edu/d2l/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?o0u=930725&isprv=&qi=2119152&cfql=0&dnb=0&fromQB=0&inProgre... 3/5

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1/30/24, 3:06 PM Quizzes - MGMT 650 9046 Statistics for Managerial Decision Making (2242) - UMGC Learning Management System Question 8 0 / 8 points How many different card hands are there when drawing 7 cards without replacement from a 49 card playing deck, which has no duplicate cards? Answer: 678,223,072,849 % (85,900,584) W Hide question 8 feedback The Excel function for a combination is =COMBIN(N,n). Question 9 9 / 9 points Events A and B are independent if v ) P(A and B) = P(A) x P(B) ") P(B | A) = P(B) Question 10 0 / 9 points ,, i -k, » . purchase, purchase ( 2 purchases) Pprdiése Purchiase Nopughase / " purchase, no purchase (1 purchase) - no purchase, purchase (1 purchase) No pOwgpase qu_cho”sé -~ - - Nop no purchase, no purchase (0 purchases) Two Customers go into a shop independently. Assume the following probabilities: P(Customer makes a purchase) = 0.900 P(Customer does not make a purchase) = 1- 0.900 Compute the probability that both customers purchase (# purchases = 2) and enter your answer with 3 decimal places. Answer: 0.352 ¥ (0.810) https://learn.umgc.edu/d2l/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?o0u=930725&isprv=&qi=2119152&cfql=0&dnb=0&fromQB=0&inProgre... 4/5

1/30/24, 3:06 PM Quizzes - MGMT 650 9046 Statistics for Managerial Decision Making (2242) - UMGC Learning Management System W Hide question 10 feedback P(2 purchases) = P(Customerl makes a purchase and Customer 2 makes a purchase) = P(Customerl makes a purchase) x P(Customer2 makes a purchase) = P(Customer makes a purchase) x P(Customer makes a purchase) Question 11 0 / 9 points Suppose we have probabilities: In Favor Democrat Republican <% - A c‘:ot:lm 040 0.60 10 P(Yes and Republican) isa ______ probability. ) Conditional % () Marginal = ;;Djoint Question 12 9 / 9 points Suppose we know the following probabilities: Republican Democrat Independent Female| 0.053 | 0.111 | 0.136 Male | 0.163 | 0.085 | 2 What is the probability of event Democrat and Female. Enter the probability with 3 decimal place accuracy. Answer: 0.111 v/ W Hide question 12 feedback The joint probability is located at the intersection of row Female and column Democrat. Done https://learn.umgc.edu/d2l/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?o0u=930725&isprv=&qi=2119152&cfql=0&dnb=0&fromQB=0&inProgre... 5/5

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